Market regulator Securities and Exchange Board of India (Sebi) has initiated adjudication proceedings against credit rating agencies Crisil and CARE ratings over suspension of rating in the case of beleaguered Amtek Auto. This is the first time Sebi is taking up the matter against the credit rating agency.
Crisil, Icra and CARE are among the major agencies that assign credit ratings to issuers of debt instruments.
According to sources, the market regulator has already collected evidence against the two rating agencies on how they suspended Amtek Auto’s credit rating suddenly without following due procedure. The regulator is also investigating the
